727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Tax Experts & IRS Problem Solvers Licensed to Practice Before the IRS Denise Mensa-Cohen, Enrolled Agent
Tax Treatment of Selling Collectibles

Tax Treatment of Selling Collectibles

by | Apr 12, 2023 | Tax Advice

If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you’re ready to cash in and reap the financial rewards. But you need to be aware of the tax impact of selling collectibles. IRS Definition...
Tax Treatment of Selling Collectibles

The Employee Business Expense Deduction

by | Apr 10, 2023 | Tax Advice

Before tax reform, an employee could deduct unreimbursed job expenses and other miscellaneous expenses that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most...
Tax Treatment of Selling Collectibles

What Is a Designated Roth Account?

by | Mar 31, 2023 | Tax Advice

Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money. Check with your employer to find out if your...

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